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Firmer Following UK CPI Data; Peripherals Little Changed

EGBS

Core/semi-core EGBs trade at their firmest since last Thursday, with Bunds +21 at 132.09.

  • UK CPI and German PPI provided the initial bid, which has developed a little further since the gilt open.
  • Main regional focus today will be on "The ECB and Its Watchers XXIV" conference in Frankfurt.
  • ECB President Lagarde has already given her welcome address, which focused on familiar themes covered by ECB speakers in recent weeks.
  • There was little net movement in ECB-dated OIS as a result.
  • German cash yields are 2 to 3bps lower today. The upcoming 2044 and 2052 Bund auction may be limiting the rally.
  • 10-year peripheral spreads to Bunds are little changed on the day, after drifting a little wider on Tuesday.
  • The regional data calendar includes flash March consumer confidence, while the FOMC decision provides the major macro risk event.
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